Managing Director/Chief Executive Officer of Transcorp Power Plc, Engr. Peter Ikenga, has emphasized the need for self-sustaining investment in Nigeria's power sector to improve power supply. He made this statement recently in Lagos as a panelist at the third edition of the Shell Power Conference, themed "Powering Nigeria's Progress: Turning Ambition and Action into Sustainable Impact." Ikenga highlighted that the power sector requires investment across its value chain.
Ikenga assured that Transcorp Power, one of the two power portfolio subsidiaries of Transcorp Group, is committed to Nigeria's power sector for the long term. Despite a challenging operating environment, the company will continue to sustain generation, invest in its plant, and deliver value to shareholders. He stated that Transcorp Power is a long-term player, focused on getting power to schools, hospitals, and businesses to power progress.
The company's focus on efficiency and investment underpins its contribution to the country's power supply. Ikenga noted that Transcorp Power runs a highly efficient operation and has made significant investments to increase its available capacity. Since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power has grown available capacity four folds, demonstrating its commitment to power generation.
Transcorp Power's financial performance reflects its discipline and commitment to the power sector. The company recorded a profit before tax of ₦83.1 billion for the nine months ended 30 September 2026, with a profit-before-tax margin improving to 31.2% from 29.6% a year earlier. Total assets grew 11.7% to ₦629.5 billion, and shareholders' funds rose 8.9% to ₦199.8 billion.
As a black-start provider, Transcorp Power plays a critical role in grid stability. The company can restart without external power from the grid, allowing it to support restoration and help bring electricity back to homes, businesses, and industries quickly. This capability is crucial in ensuring a stable power supply.
Ikenga noted that Nigeria has significant room for growth in the power sector, with an installed generating capacity of about 13,000 megawatts and an estimated potential of 50 gigawatts. However, he emphasized that this potential requires every part of the value chain to work together, calling for sustained investment and collaboration among stakeholders.
To build a self-sustaining sector, Ikenga urged stakeholders to join efforts to protect power infrastructure and promote increased private sector participation. He added that power generated at scale remains the most cost-effective route to industrialisation, emphasizing the importance of a proven grid system.
Key points
- Transcorp Power MD, Peter Ikenga, calls for self-sustaining investment in Nigeria's power sector.
- The company has grown available capacity four folds since acquiring the Ughelli Power Plant in 2013.
- Nigeria has an estimated potential of 50 gigawatts in the power sector, requiring collaboration among stakeholders.
